Subject: FW: Brazil trade idea [C] [I] From: Vahe Stepanian < IMMEIMM> Date: Mon, 28 Mar 2016 13:35:28 -0400 To: Paul Morris ‹ > Classification: For internal use only Friday From: Paul Morris Sent: Monday, March To: Vahe Stepanian Subject: RE: Brazil 28, 2016 1:30 PM trade idea [C] Hi no problem thanks Btw when is Ari last day? Original Message From: Vahe Stepanian Sent: Monday, March 28, 2016 01:28 PM Eastern Standard Time To: Paul Morris Subject: FW: Brazil trade idea [C] Classification: Confidential FYI, meant to CC you. Will add you if they come back. Thanks, Vahe From: Vahe Stepanian Sent: Monday, March 28, 2016 1:20 PM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer EFTA01477769

Subject: RE: Brazil trade idea [C] Classification: Confidential Rich — indicatively, Southern Financial can purchase 5mm PETBRA 5 01/27/21 @ —82 Brazil 5y CDS (6/20/21 maturity) is currently @ 380 x 385. We will need to refresh before trading. Please let us know if you have questions. Thank you, Vahe From: Richard Kahn [mailto: Sent: Monday, March 28, 2016 1:08 PM To: Vahe Stepanian Cc: Daniel Sabba Subject: Brazil trade idea can you please provide pricing on the following: Buy Buy CDS Protection EFTA01477770

Bond: PETBRA 5 1; 01/27/21 Contract: Brazil 5yr CDS Issuer: PETROBRAS GLOBAL FINANCE Underlying Issuer: Federative Republic of Brazil ISIN: US71645WAR25 Maturity: 06/20/21 Ratings: B3/B+/BB+ Coupon: 100 bps Ranking: Sr Unsecured Spread: 396 bps EFTA01477771

Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cel EFTA01477772